Ask HN: Can the old Facebook succeed nowadays?

I keep hearing how the Facebook of old with only the newsfeed of your friend's updates in chronological order, groups, photos, profile was the golden age of social networking. I read comments how people would return to Facebook or another site if it was similar to how Facebook operated back in the day. I know a lot of Facebook clones have come and gone. My question is why hasn't anybody succeeded? Has the appetite for social networking changed? Maybe bad marketing on their part?